Brand-new International Corporate Centre in Ras al-Khaimah
In April 2016 the Investment Authority’s (RAKIA) and Ras al-Khaimah Free Trade Zone’s international business company registry merged into a new unified institution: Ras al-Khaimah International Corporate Centre (RAKICC).
The regulations applicable to the companies that will be registered in this new center were published in January 2016. These regulations turned out to become a significant improvement in comparison to the previous standards. They provide great flexibility for constitution process of companies and cover the following types of enterprises: companies limited by guarantee, companies limited by guarantee and by shares, unlimited companies, segregated portfolio companies.
It is of special interest that the statutory right of pre-emption was abolished, while re-domiciliation in and out was permitted.
The new regulations are similar to the standards of senior financial services centers such as the BVI.
Also it should be noticed that the companies registered in RAKIA or in Ras al-Khaimah Free Trade Zones can be registered repeatedly according to the new RAK ICC regulations now.
If the companies do not reregister on their own authority, they will be reregistered automatically at the end of 2017.
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